Attracting new tenants to your Brussels office building despite the current challenges

Attracting new tenants to your Brussels office building despite the current challenges

Introduction

The corporate real estate market in Brussels is facing several challenges: teleworking, the energy crisis, inflation and rising property taxes. As an office building owner, it is crucial to understand these issues and adapt your strategy to continue attracting new tenants. Here are some tips to help you meet these challenges.

1. Improve your building's energy performance
   
   Rising energy costs are a major concern for both tenants and landlords. Invest in energy efficient solutions to reduce energy consumption and increase the attractiveness of your building. An energy efficient building is more attractive to tenants and limits downward rent negotiations.
    
2. Be flexible on lease terms
   
   Vacancies are expensive, so it is important to be flexible on lease terms. Agree to negotiate the rent in return for shorter contracts. This will allow you to renegotiate the rent at the end of a three-year period, for example, and adapt more quickly to market fluctuations.
   
   For example, if the rent is €160/m2 per year and it takes you six months to find a tenant willing to sign a nine-year lease with a three-year break, this will reduce your economic rent by 17% over three years.
    
3. Share common areas
   
   To maximise space and attract tenants, share common areas such as meeting rooms. These common areas can be rented by all tenants, generating additional income and reducing costs for each occupier.
    
4. Adapt offices to new ways of working
   
   With teleworking, offices are becoming places of life and team building. It is therefore important to invest in multi-purpose spaces that encourage collaboration, creativity and employee well-being. Take inspiration from Google and other innovative companies to create modern and friendly spaces.
    
5. Refurbish spaces without waiting for a lease to be signed
   
   Tenants are looking for turnkey solutions that don't require extra time or money. Get ahead of the game by refurbishing vacant space without waiting for a contract to be signed. This makes it easier for potential tenants to make a quick decision and speeds up the leasing process.
    
6. Facilitate access to public transport and provide alternative mobility solutions
   
   Easy access to public transport is a key consideration for potential tenants. Highlight the proximity of your building to bus stops, metro, tram or train stations to facilitate employees' daily commute. The Brussels Region offers a diverse and efficient public transport network, so take advantage of this to enhance the location of your building.
   
   You can also encourage the use of green transport by providing your tenants with electric bicycles. These bikes can be used for commuting, business trips or lunch breaks. This initiative will increase the attractiveness of your building and help reduce the carbon footprint of your tenants.
    
7. Equip car parks with electric car charging points
   
   With the rapid growth in the number of electric company cars, it is becoming increasingly important to equip private car parks with electric car charging points. By installing charging points, you are meeting a growing need among tenants and contributing to the adoption of electric vehicles by businesses.
   
   The installation of charging points can also be an additional selling point to attract environmentally conscious tenants who want to benefit from this facility. It also reinforces the image of your building as a modern and environmentally conscious building.
    
8. Take a green and sustainable approach
   
   Sustainability has become a key issue for businesses and their employees. Take a green and sustainable approach by implementing initiatives such as waste management, using sustainable materials and reducing water consumption. By demonstrating your commitment to the environment, you will enhance your building's brand image and attract sustainability-minded tenants.

Conclusion

By taking this advice into account and adapting your strategy to the current challenges of the commercial property market in Brussels, you will be able to attract new tenants and maintain the profitability of your property investment. Do not hesitate to contact us to help you find innovative solutions adapted to your situation.

PS : we also recommend reading this article: strategic advice before making a big decision: https://www.b2bestate.be/owners/strategic-advice-before-making-a-big-decision